Listed Companies
Brait’s 80% held subsidiary Virgin Active has signed an unconditional agreement to acquire Holmes Place Germany for €135 million in cash, implying and EV/EBITDA multiple of 6.3x. Post the transaction HPG will contribute 14% of the total Virgin Active EBITDA, taking the non-South African operations to 56% of Group EBITDA. The deal marks Virgin Active’s official entry into the German fitness market with 13 premium fitness clubs across six major German cities – Berlin, Düsseldorf, Hamburg, Cologne, Essen, and Lübeck with a membership base of c.84,100.
Adcorp via its Australian subsidiary, Labour Solutions Australia, is to acquire Alliance Workplace Solutions. Alliance is a workforce services company facilitating the provision of staffing and labour hire solutions to businesses operating in the floriculture sector. The base cash purchase price of the transaction is A$4,3 million, with potential earn-outs and bonuses bringing the maximum consideration to c.A$4,86 million. The acquisition constitutes a category 2 transaction and as such does not require shareholder approval.
In a shareholder update, Kibo Energy, which has been suspended since August 2025 for the non-publication of its annual financial statements, has informed the market that it is in active negotiations with a party regarding the proposed acquisition of a South African energy related project, together with associated funding.
A Brikor shareholder has lodged a formal complaint with the JSE regarding the company’s proposed scheme of arrangement circular. The Takeover Regulation Panel is reviewing the details to determine whether the complaint warrants a formal investigation with all implementation steps and dates set out in the circular suspended for the meantime. In June 2026 Brikor announced the proposal to repurchase the remaining 31.99% stake (116 155 810 shares) in Brikor, excluding shares held by Nikkel Trading 392 and the Brikor Share Incentive Scheme. The offer to shareholders was 17 cents per share for an aggregate R19,75 million.
Unlisted Companies
South African fintech Lumepay has raised US$6 million in pre-seed funding to build and scale institutional-grade, cross-border payment infrastructure across Africa. The company also secured c.$10 million in capital float to support liquidity for clients using its payment services. Lumepay platforms are live in markets such as Nigeria, Ghana, Tanzania, Malawi and Mozambique, as well as the West African and Central African CFA franc zones.
Turpaz Industries, an Israel-listed global developer and manufacturer of flavours, fragrances, intermediates and speciality fine ingredients, has via its South African subsidiary Sunspray Solutions, acquired a 70% stake in Sensory FX. Sensory FX is an independent local manufacturer of fragrance extracts for the food and beverage, personal care, home fragrances and consumer products industries. Although financial details were not disclosed reports in the media suggest a price tag of c.US$10,6 million with potential additional earn-out considerations.
As part of its diversification and growth strategy, Merchant West has acquired a controlling stake in the FPM Group, a specialist provider of risk, wealth management, fiduciary, short-term insurance and employee benefits solutions. Merchant West is a local privately owned specialist financial services group operating across SA, Namibia, Isle of Man and Mauritius. The acquisition establishes short-term insurance as a dedicated offering within Merchant West. Financial details were undisclosed.
Prodalim, a global leader in juice and specialty ingredients solutions, acquired a 93.25% stake in South Africa’s Brenn-O-Kem for US$37 million. Brenn transforms grape pomace and wine lees into a broad portfolio of natural, clean-label ingredients, including recycled aromatic alcohol for the wine and spirits industry; tartaric acid and derivatives for food, beverage and pharmaceutical applications; grape seed extracts for nutraceuticals; grape skin extracts for natural colours; grape seed oils and wine concentrates for culinary applications; and recycled compost for animal nutrition. The acquisition complements Prodalim’s specialty ingredients portfolio, creating cross-selling opportunities through its global commercial network.
DealMakers is SA’s quarterly M&A publication.
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